Public sector lender IDBI Bank has introduced a debit cum credit card for its customers. The card called Magic Card is a debit card in nature but also has the nature of being a credit card for salary account holders.
"The card will work as a debit card till the account holder has balance in it but once exhausted, any further withdrawal or expenditure on the card, magic card will act similar to a credit card," IDBI Bank Chairman and Managing Director R M Malla said.
The new product by the bank comes as a bid to improve its CASA figures from 20% now to 24%.
However, the card differs from a conventional credit card in the fact that it does not offer any free credit period. Also the interest levied on the card will be linked to the bank rate and thus would be comparatively much lower than that for a normal credit card.
Only salary account holders of the bank will be able to avail this facility.